VFC - Piper Sandler's Take On Apparel Stocks - Skechers Gets Upgraded VFC Downgraded | Benzinga
Piper Sandler analyst Abbie Zvejnieks upgraded the shares of Skechers U.S.A., Inc. (NYSE: SKX) from Neutral to Overweight and raised the price target from $54 to $59.
Despite a challenging U.S. wholesale environment, Skechers' DTC trends indicate strong underlying demand, which should lead to restocking as the channel clears, said the analyst.
The analyst believes that the stock's negative reaction this past week is in part due to commentary around e-commerce slowing, but the analyst is lapping easier compares in owned stores as stores were significantly under-inventoried in 2H22.
The analyst is encouraged by solid commentary on both China and Europe, and sees ...